Loss-making Appollo Ispat Complex is very unlikely to make a turnaround in business.
Its auditor raised a red flag after a review of the company’s financial statement for FY22.
“The production unit of the company is in No-Operation status currently,” said the auditor in a qualified opinion published recently.
Moreover, working capital has not been arranged yet and the positions of chairman, managing director and chief financial officer have remained vacant.
Once renowned for its corrugated iron sheets brand “Rani Marka Dheutin,” Appollo Ispat had stopped publishing financial statements five years after its 2013 listing.
In November last year, the company disclosed a huge accumulation of losses amounting to Tk 7.6 billion incurred between FY19 and FY23.
Once Appollo Ispat was a very successful venture launched by industrialist and founder of The City Bank Mr. Deen Mohammand. The financial situation of the company further deteriorated after the demise of Mr Mohammand in 2021.
Two years later, Appollo Ispat came to the list of top 20 loan defaulters of the nation.
No fund has been managed to settle debts of Appollo Ispat, said the auditor, adding that there is significant doubt over the company’s ability to continue as a going concern. https://thefinancialexpress.com.bd/stock/bangladesh/stock-markets-open-higher-on-last-trading-day-of-the-week
